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Answer to Question #329439 in Economics for Portia

Question #329439

Suppose we observe that the equilibrium price of a good has increased significantly in recent years, with little or no change in equilibrium quantity. The most likely explanation is that


1
Expert's answer
2022-04-17T17:02:54-0400

The most likely explanation is that demand for a good is inelastic and there is no substitute for this good.


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